How to Clear Out Old Vendor Bills Already Paid in Quickbooks
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- čas přidán 5. 08. 2024
- How to clear out old vendor bills already paid in Quickbooks. In this video about clearing out old vendor bills that you have already paid in Quickbooks, I show you 2 separate ways how to clear them out of your AP Aging summary and your Pay Bills screen.
There is a crucial difference between the 2 methods also. You only use the first method in open years and you only use the second method to clear out out old vendor bills already paid in closed years. What's the difference and why do you need to follow 2 different ways to clear out old vendor bills already paid in Quickbooks?
Find out why and how in this video, and discover more at www.QBUniversity.org
www.QBUniversity.org - Get the 3 top mistakes all Quickbooks Users make at www.QBUniversity.org
For the most part this is a good video, but if the year 2021 were closed putting a JE into 2021 will still screw up the continuity of your books. You'd need to put the JE into a year that hasn't yet been reported on and then follow all the same procedures.
Correct
@@QbuniversityOrg - I was wondering if I was missing something when I noticed that too. ;)
Yeah that’s what was so confusing- he entered transactions in the closed year!
Hi there.I am a QBO user. Helping out a friend to do his books and found that he has some transactions from Square that actually, once Square found out his company has a product with CBD oil, they cancelled him. There are two entries on his check register under Square (plus minimal fees that were cancelled out) but I also noticed that there were two other entries (one did not match the vendor name though, another problem) that I am assuming were Square payments as they had the Square invoice numbering. (I also know that one was the owner's mother that was testing out the Square system of my client. Do I do a journal entry to get rid of these costs?
Thanks so much. Great video. Learned a lot.
I have an old bill on a closed year. It was to pay the credit card. After reconciling the card it asked to create a bill. Then I forgot about this and paid the card by writing a cheque. So this bill is sitting there for years. Was wondering if I could use this bill now the next time I want to pay the credit card.
THANK YOU for this information. Solved my issue on the OPEN Year BUT On the one Payment from the Closed year It looks to have added a second payment to the checking account so I must have missed something.
Hmm that’s odd?
I need help with a payable that is no longer a payable but booked in a previous year. How do I record this in Qbs desktop
Hi, how do I fix it in the current year but the vendor has multiple charges that I paid combined but by "pay bills" window has only 12 charges that still show unpaid but they were paid with the big amount already. For example, they were paid in the $20,000. payment but 12 of them are still showing unpaid. How can I change that in check register to balance?
Hey Matt, watched this video. In the second example you used a 2021 date. That is a “closed” period. Shouldn’t the journal entry be dated for the current period? Thanks
Yes you are correct! My mistake!
What if the bill isn’t showing in the pay bills window?
How do we do this with QuickBooks Online?
When determining if the transaction occurred in a closed year or not, do you go by when it was paid or the date on the bill/invoice? For instance there are open bills on our aging from last year but were paid with a handcheck this year. Can I use the first method to clear my aging?
It all depends on if you report on a cash or accrual basis. If you are cash basis for taxes then you should be ok
@@QbuniversityOrg we are accrual basis.
Also the check has cleared the bank
What if payments are made in bulk. For example 7 individual bills, charged directly to a credit card as a lump sum?
Same process. Go to that payment on the cc and change to AP then apply the credit to all those bills
How can we clear the unclaimed/unapplied customers advance payments in Both QBO or Desktop?
If a customer gives you an advance payment so they have a credit, and they forfeit the deposit, create an invoice to show it as income then apply the credit to the new invoice
@@QbuniversityOrg The issue is that Customers have gone they are not active and we have some money as Advance. I am cleaning the QBO accounts of my company so I should transfer the payments to unearned revenue then apply against other income. What do you say?
@@jwdkayani yea that’s exactly right. It would be moved to income
Hello, I took over for someone and I have no QB training.We have multiple customers that pay multiple invoices on their 30 day net with the entire statement amount on one check . When they remit their payment there are specific invoice #’s that need to be check marked to equal the amount due on that statement. Instead of those specific invoices being check marked to be paid, invoices were check marked from the top down. It was 2 months before I realized. How do I get rid of open balance invoices that our customers have paid but were not check marked. The invoices are still saying open balance since 2019 and some from 2020. How do I remove PAID open invoices showing not paid removed so I can start on a clean slate for these customers. Is this possible. If so, what are my options? These customer’s statements always show a balance forward for these invoices that were paid but not check marked.. Very frustrating. Any help I’d appreciate it greatly. Thank you
Unfortunately you would have to go back and change the payment to apply them to the correct invoices. I’m not sure if QB will make you void them first then re record. If it does then you may have to also go back and re reconcile the bank account for past months
Shouldn't the Journal Entry be dated the current year?
Yes if the prior year is already closed
@@QbuniversityOrg You need to redo your video then. You dated it the date of the original invoice.
True, but it also depends on the state of the books. Sometimes if there are a lot of corrections it makes sense to change prior year and amend tax returns.
The second example should use a date in the "open year." He mistakenly used a date in the closed year - otherwise, everything else is correct.
Thanks